While we like IPRU as it benefits from increasing need of protection, and financialisation of savings, we are cautious due to high share of ULIP in portfolio and volatile equity market conditions. Given growth pangs, and high new business strain we maintain our Neutral. Benign equity markets, higher than expected growth and increased protection share remain a key risk to our call. Post the recent run up in price, we rate IPRU a NEUTRAL with a TP of Rs 400 (FY20 EV + 19.3x FY21E VNB). FY19 was flat on new business written but VNBM at 17.0% after assumption changes is a tad bit below expectations. We expect growth to return on a more comfortable base.